Scription Raises $2.5M in Funding Led by Markd to Transform Commercial and Industrial Equipment Maintenance from Hourly Rates to Insurance-Backed Subscriptions
Summary
This significant investment marks a pivotal moment in addressing a critical challenge within the industry: the prevalence of equipment breakdowns repaired at hourly labor rates, creating disincentives for efficient repairs as maintenance companies often benefit financially from equipment failures.Scription simplifies the shift to subscription or outcome-based maintenance plans by tackling the key barrier risks: pricing and insurance. Weve assembled a team uniquely positioned to tackle this challenge by combining a balance of experience in field service, finance, insurance, and technology. "This funding round secures Scriptions pricing platform launch and the onboarding of anchor customer brands, providing a much-needed solution to industries transitioning from outdated break-fix contracts towards new innovative servicing models.Markds Beauchamp added, "Im so impressed by Justin, his team, and what theyve created. They are extremely hard-working, kind, thorough, and have a great temperament, which no doubt helped them develop such a clever way to manage, protect, and serve enormous needs in an equally large market that creates wins for all involved. "Greenlight Re has also partnered with and is an investor in Scription, along with top funds such as Connetic Ventures, Sidedoor Ventures, Ank Partners, Hustle Fund, and Startup TNT.About ScriptionScription is an Alberta-based Insurtech company that leverages disruptive technology and domain expertise to help companies launch new aftermarket service programs.